Singapore's CapitaLand sells Citadines Mercer Hong Kong for $581.1m

The property has an agreed value of $129.4m.

Singapore property developer CapitaLand has divested 100% of its shares in Excel Chinese International Limited (ECIL) for $581.1m, the firm which owns the hotel Citadines Mercer Hong Kong in Sheung Wan, an announcement revealed.

HKEX-listed Hanison Construction Holdings agreed to buy the 55-room serviced apartment property in late October.

The property has an agreed value of $740.8m.

“The property has reached the optimal stage of its life cycle and the divestment is in line with CapitaLand’s strategy of unlocking value through proactive portfolio reconstitution,” said CapitaLand in a press release.

Following the transaction, ECIL has ceased to be a wholly-owned subsidiary of CapitaLand.